How do you find the amount of time given I=$54, P=$800, r=4.5%?

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How do you find the amount of time given I=$54, P=$800, r=4.5%?

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Answer 1 · 2016-12-12T01:49:14

$1 \frac{7}{9}$ $1 7/9$ years

Explanation:

Words used in question indicate that when a principal amount $P$ $P$ , is invested for a time of $t$ $t$ years at a rate of $r$ $r$ , the interest earned is $I$ $I$ .

In such cases as $I = \frac{P \times r \times t}{100}$ $I=(P×r×t)/100$ , we can have $t = \frac{I \times 100}{P \times r}$ $t=(I×100)/(P×r)$ .

As we have to calculate time $t$ $t$ given $I = $ 64$ $I=$64$ , $P = $ 800$ $P=$800$ and $r = 4.5 %$ $r=4.5%$ ,

$t = \frac{64 \times 100}{800 \times 4.5}$ $t=(64×100)/(800×4.5)$

= $(64×cancel100^1)/(cancel800^8×4.5)$

= $64/(8×4.5)$

= $64/36$ (and dividing by $4$ )

= $(16cancel64)/(9cancel36)$

= $16/9=1 7/9$ years.

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How do you find the amount of time given I=$54, P=$800, r=4.5%?

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